Title

Gold, Liquidity and Secured Loans in a Multistage Economy. Part I: Gold as Money

Document Type

Discussion Paper

Publication Date

3-1-1988

CFDP Number

871

CFDP Pages

45

Abstract

A multiperiod exchange economy with gold used both as money and as jewelry is examined in this paper. The existence of Nash equilibria is proved for the market games with finitely many traders as well as the games with a continuum of traders. For market games with a continuum of traders at infinite horizon, the existence of stationary Nash equilibria has been proved under the assumption that gold is properly distributed at the beginning or a secured loan between traders is available.

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